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2016 Mattioli Woods Plc / Annual Report 2016 / Strategic Report Welcome A world in which financial advice is trusted, thoughtful and enriching Annual Report 2016 Mattioli Woods plc / Annual Report 2016 / Strategic report Welcome Mattioli Woods plc Mattioli Woods is one of the UK’s leading providers of wealth management and employee benefit services, with total assets under management, administration and advice of over £6.6bn Great people Great potential We have created a business our clients are proud to be a part of, and our people feel proud to work for. We are investing in training, building capacity and our technical expertise. We pride ourselves in our community, supporting staff and local and national charity initiatives. See more on page 22 A platform for sustainable growth We also welcomed 76 new employees to the Group as part of the acquisitions completed during the period. As an Investors in People company we are committed to developing our people and building the capacity to deliver sustainable growth. Once complete, our new office in Leicester will provide our staff there with a modern working environment and capacity for further growth. See more on page 08 Strategic report 01-23 Governance 24–43 Financial statements 44-92 Mattioli Woods plc / Annual Report 2016 / Strategic report Highlights Revenue Adjusted EPS2,3 £43.0m 31.0p (2015: £34.6m) 24.3% (2015: 27.2p) 14.0% Adjusted EBITDA1 Proposed total dividend £9.3m 12.5p (2015: £7.4m) 25.7% (2015: 10.5p) 19.0% Financial highlights Strategic report 01-23 • Adjusted EBITDA1 up 25.7% to £9.3m (2015: £7.4m): Highlights 01 – Adjusted EBITDA margin1 of 21.6% (2015: 21.3%) At a glance 02 – Adjusted EPS2,3, up 14.0% to 31.0p (2015: 27.2p) Year in review 04 • Revenue up 24.3% to £43.0m (2015: £34.6m) Chairman’s statement 06 • Recurring revenues represent 82.6% (2015: 81.4%) How we create value 10 • Proposed total dividend up 19.0% to 12.5p (2015: 10.5p) Chief Executive’s review 12 • Strong financial position with net cash of £29.8m Key performance indicators 18 (2015: £10.6m) Principal risks 20 Corporate social responsibility 22 Operational highlights • Total client assets up 22.2% to £6.61bn (2015: £5.41bn): Governance 24-43 – Discretionary AuM up 15.8% to £1.17bn (2015: £1.01bn) Board of Directors 24 – £98.4m of new equity raised by Custodian REIT Directors’ report 26 • Net organic revenue growth4 of 11.3% (2015: 19.2%) Corporate governance 31 ­ – Over 1,100 new client wins Directors’ remuneration report 36 ­ – 104 (2015: 81) consultants at year end Directors’ responsibilities for • June 2015 placing raised gross proceeds of £18.6m: the financial statements 42 – Earnings enhanced by five acquisitions completed in year Independent auditor’s report to the – All businesses integrating well members of Mattioli Woods plc 43 – Increased headroom on regulatory capital requirements • Broadening proposition as adviser, manager and provider Financial statements 44-92 Consolidated statement Recent developments and outlook of comprehensive income 44 • Expect increasing demand for advice post-Brexit Consolidated and Company • Acquisition of MC Trustees in September 2016 statements of financial position 45 • Strong pipeline of further acquisition opportunities Consolidated and Company • Planned launch of new structured product fund statements of changes in equity 46 • Appointment of Anne Gunther as Non-Executive Director Consolidated and Company • Building work on new Leicester office started in May 2016 statements of cash flows 47 • Opening new Manchester office Notes to the financial statements 48 Five year summary 92 Financial calendar 92 1 Earnings before interest, taxation, depreciation, amortisation and acquisition–related costs. 2 Basic EPS up 7.7% to 21.1p (2015: 19.6p). 3 Before acquisition–related costs, amortisation and impairment For more information, visit our website: of acquired intangibles, and notional finance income and charges. 4 Excluding banking income. www.mattioliwoods.com 01 Mattioli Woods plc / Annual Report 2016 / Strategic report At a glance Integrated financial services Mattioli Woods has established a reputation for professionalism and bespoke personal service A world in which financial advice is trusted, Our vision thoughtful and enriching We are driven with passion and integrity to deliver Our objective profitable and sustainable growth year on year Key goals are to secure strong client retention Our strategy and attract new clients Wealth management Description and market focus Investment and asset Discretionary management and the provision of under advice to assets under management management bespoke investment advice sit at the heart of our allows us to deliver a more efficient wealth investment proposition. Continuing growth in management service to those clients. the quantum of assets under management and advice has enhanced the quality of the Group’s Our services are delivered by a dedicated earnings through an increase in recurring team, with many years’ experience in revenues, while the migration of clients’ assets finance and investment. Pension consultancy Mattioli Woods is a leader in the provision understanding of UK pension legislation, and administration of Self-Invested Personal Pension (“SIPP”) which translates into meaningful advice and Small Self-Administered Pension Scheme given to clients by our consultancy team. (“SSAS”) arrangements, which are often central to our clients’ pension strategies. The provision of first-rate client service through We have established a reputation for personalised and proactive administration technical excellence, widely acknowledged further differentiates us from our competitors, within our industry. We maintain our with our bespoke SIPP product having been technical edge through our in-depth awarded the Defaqto 5-star rating. Property management Our property management business, Custodian Investors Club”, which offers alternative investment Capital Limited, is the discretionary fund manager opportunities to suitable clients by way of private of Custodian REIT plc, a UK real estate investment investor syndicates. We believe investment in good trust listed on the Main Market of the London quality properties, with strong leases and good Stock Exchange. quality tenants, typically provides stable returns over the long term and our property team offers years of In addition, Custodian Capital facilitates direct experience in commercial property investment to property ownership on behalf of pension schemes help deliver this. and private clients and also manages the “Private Employee benefits Mattioli Woods assists its corporate clients The Group also offers its clients total reward with employee engagement, with the aim of and flexible benefit systems, assisting its clients improving recruitment, retention and workplace to deliver these to their employees, along with morale. This encompasses consultancy and advice, guidance and financial education. administration on areas such as defined Recent changes in legislation, such as the new contribution and defined benefit pension pension freedoms, are increasing demand for schemes, workplace savings, healthcare, our financial education and wealth management international benefit solutions and risk benefits, services to be delivered through employers. in addition to the design, implementation and administration of these schemes. 02 Strategic report 01-23 Governance 24–43 Financial statements 44-92 Mattioli Woods plc / Annual Report 2016 / Strategic report THROUGHOUT OUR 7 LOCATIONS ABERDEEN BUCKINGHAM GLASGOW LEICESTER LONDON NEWMARKET PRESTON Percentage Revenues Segment results revenue increase Segment revenues £17.0m £3.5m +49.1% 2015: £11.4m 12.3% £16.6m £3.3m +6.4% 87.7% 2015: £15.6m • Wealth management 87.7% • Employee benefit 12.3% 12.3% £4.1m £0.8m +46.4% 9.5% 2015: £2.8m 38.6% 39.6% £5.3m £0.5m +10.4% • 38.6% Direct pension consultancy and administration Direct & Third party 2015: £4.8m pension administration • 39.6% Investment and asset management • 9.5% Property management • 12.3% Employee benefits 03 Mattioli Woods plc / Annual Report 2016 / Strategic report Year in review Broadening our proposition Acquisition of Taylor Patterson Boyd Coughlan and Taylor Patterson are both a great fit Mattioli Woods acquires culturally, and strategically Taylor Patterson Group Limited serve a similar client base Strengthened and its subsidiaries. to our existing business. proposition Taylor Patterson was founded in 1979 These key acquisitions will with rebrand and provides wealth management and enable us to expand our employee benefits services to a broad proposition and geographic Mattioli Woods plc range of personal and corporate footprint across the UK. rebrands new subsidiary, clients. Based in Preston, Lancashire, Boyd Coughlan Limited. Ian Mattioli and employing 38 staff, the business Chief Executive specialises in providing strategic Boyd Coughlan has been part financial planning. of the Mattioli Woods Group since July 2015 and the move Taylor Patterson’s wealth management signals the ambition of the operations include SSAS and SIPP Group to build a strong, administration, which together with consistent, and recognisable its employee benefits capabilities, core brand, benefitting both strengthen the Group’s existing its clients and standing within client proposition. the marketplace. Jun Jul Aug Sep Oct Nov Dec Jan 2015 2016 Breast Cancer Now, Acquisition of Lindley Trustees chosen as charity of the year Founded in 1979, the Pension Business provides In 2015 we chose our first national trustee and administration services to over
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